1st Source Corporation (SRCE) Upgraded to “Buy” at Zacks Investment Research
1st Source Corporation (NASDAQ:SRCE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $58.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.94% from the stock’s current price.
According to Zacks, “1ST SOURCE CORP.is a bank holding company engaged in general banking business. The bank offers a broad range of commercial banking, personal banking and trust services. In addition, 1st Source Bank provides highly specialized financing services for: automobile fleets in the rental and leasing industries; privately-held used aircraft; heavy duty trucks and construction equipment.These services are marketed nationwide. “
A number of other research analysts also recently weighed in on the stock. Keefe, Bruyette & Woods reissued a “hold” rating and set a $47.00 target price on shares of 1st Source Corporation in a research report on Sunday, July 23rd. Piper Jaffray Companies set a $55.00 target price on shares of 1st Source Corporation and gave the company a “buy” rating in a research report on Wednesday, July 26th. BidaskClub downgraded shares of 1st Source Corporation from a “hold” rating to a “sell” rating in a research report on Friday, August 18th. ValuEngine downgraded shares of 1st Source Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, DA Davidson reissued a “hold” rating and set a $53.00 target price on shares of 1st Source Corporation in a research report on Monday. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. 1st Source Corporation presently has an average rating of “Hold” and an average target price of $53.25.
Shares of 1st Source Corporation (NASDAQ:SRCE) opened at 52.28 on Wednesday. The firm has a market capitalization of $1.36 billion, a P/E ratio of 21.87 and a beta of 1.07. 1st Source Corporation has a 12 month low of $33.27 and a 12 month high of $52.99. The firm’s 50-day moving average is $49.68 and its 200 day moving average is $48.13.
1st Source Corporation (NASDAQ:SRCE) last released its earnings results on Thursday, October 19th. The financial services provider reported $0.66 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.66. 1st Source Corporation had a net margin of 21.74% and a return on equity of 9.43%. The firm had revenue of $72.82 million during the quarter, compared to the consensus estimate of $70.20 million. On average, equities research analysts anticipate that 1st Source Corporation will post $2.60 EPS for the current year.
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Several hedge funds have recently made changes to their positions in SRCE. Legal & General Group Plc lifted its stake in shares of 1st Source Corporation by 3.7% during the 2nd quarter. Legal & General Group Plc now owns 3,866 shares of the financial services provider’s stock valued at $186,000 after buying an additional 137 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of 1st Source Corporation by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 4,133 shares of the financial services provider’s stock valued at $198,000 after buying an additional 620 shares in the last quarter. Royal Bank of Canada lifted its stake in shares of 1st Source Corporation by 598.4% during the 2nd quarter. Royal Bank of Canada now owns 4,281 shares of the financial services provider’s stock valued at $205,000 after buying an additional 3,668 shares in the last quarter. Karp Capital Management Corp purchased a new stake in shares of 1st Source Corporation during the 1st quarter valued at approximately $206,000. Finally, Citadel Advisors LLC purchased a new stake in shares of 1st Source Corporation during the 1st quarter valued at approximately $225,000. Institutional investors own 70.42% of the company’s stock.
About 1st Source Corporation
1st Source Corporation is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. It is engaged in commercial banking. 1st Source Bank (Bank), its banking subsidiary, offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients.
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